In a significant development, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), with its borrowing increasing by 14.4% to $16.5 billion in the fiscal year 2024. This surge in borrowing has pushed Nigeria ahead of India, which previously held the third position, and reflects a growing reliance on international financing to support the country’s development agenda. According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by $2.2 billion from $14.3 billion in 2023, marking a notable shift in its borrowing…
Read More‘Third Biggest Debtor,’ Nigeria’s Debts To W’Bank’s IDA Hits $16.5bn
